The Global Week Ahead

April 16 - 23, 2023

The world returns to a more fulsome schedule following last week’s Easter and Passover holidays.  This week, we are paying particular attention to Chinese Defense Minister Li Shangfu’s visit to Moscow for meetings with his Russian counterpart and President Vladimir Putin.  Also this week, Russian Foreign Minister Sergey Lavrov will visit Brazil, Venezuela, Nicaragua, and Cuba through April 21st.  Russia has supported Cuban, Nicaragua, and Venezuela with substantial military and intelligence assistance over the years.  It is clearly looking to expand its reach and influence in the US backyard.

On the global economic radar screen, markets will be watching the release of Chinese GDP data and a large amount of economic data from the UK, including unemployment and the inflation outlook.  Also, the US Federal Reserve will release its third Beige Book of 2023.  There will be a lot of central bank speeches this week, particularly in the US and EU.

Here is what else we are watching around the world this coming week:

Sunday, April 16, 2023:

Global

·       G-7 foreign ministers will meet in Japan to discuss issues, including Ukraine and China.

Americas

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Asia

Political/Social Events –

·       Chinese Defense Minister Li Shangfu visits Moscow for meetings with Russian President Vladimir Putin.  They are expected to discuss the war in Ukraine and existing China-Russian military technology development programs.

·       China will implement temporary no-fly and no-sail zones in a maritime zone 74 miles (119 kilometers) northeast of Taiwan due to risks of falling "rocket debris," likely from a potential Chinese satellite launch.

Economic Reports/Events –

·       NSTR

Europe

Political/Social Events –

·       Chancellor Olaf Scholz and Indonesia's President Joko Widodo opened the Hanover technology fair in Hanover, Germany.

Economic Reports/Events –

·       NSTR

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Africa

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR 

Monday, April 17, 2023:

Global

·       The UN Security Council will meet to discuss the war in Yemen. In the afternoon, they will meet on North Korea and its growing nuclear threat.

Americas

Political/Social Events –

·       The US Congress returns from a two-week recess. Senate Minority Leader Mitch McConnell (R-Ky.) said he will return to the chamber for its session this week following a serious fall and rehab.

·       Russian Foreign Minister Sergey Lavrov will visit Brazil, Venezuela, Nicaragua, and Cuba through April 21st.

Economic Reports/Events –

·       Richmond Fed President Thomas Barkin will give remarks at a Richmond Association for Business Economics.

·       US NY Empire State Manufacturing Index (April), NAHB Housing Market Index (April)

·       Canada Wholesale Sales (February)

·       Brazil IBC-Br Economic Activity (January), Business Confidence (April)

Asia

Political/Social Events –

·       Japan and South Korea will hold their first meetings between foreign and defense ministers in five years.

Economic Reports/Events –

·       China PBoC 1-year MLF Announcement

·       India WPI Fuel/Manufacturing/Inflation/Food Index Reports (March)

·       Singapore Imports/Exports/Balance of Trade  (March), Balance of Trade (March)

Europe

Political/Social Events –

·       NATO holds their Conference on Arms Control, Disarmament and WMDs Non-Proliferation in Washington, D.C.

·       EU President Ursula von der Leyden Attends the award ceremony of the Order of Merit of the Federal Republic of Germany to Angela Merkel, former Federal Chancellor of Germany in Berlin.

·       Russia will hold TransRussia 2023, an international exposition for transportation and logistics.  The event goes through April 19th in Moscow.

Economic Reports/Events –

·       ECB President Christine Lagarde gives the Council on Foreign Relations' C. Peter McCullough Series on International Economics speech in New York.

·       ECB Board Member Elizabeth McCaul gives a keynote speech at the seminar "Diverse and effective boards in a changing and competitive landscape" organized by the European University Institute's Florence School of Banking and Finance and European Central Bank.

·       ECB Board Member Anneli Tuominen chairs a panel at the seminar "Diverse and effective boards in a changing and competitive landscape" organized by the European University Institute's Florence School of Banking and Finance and European Central Bank.

·       Bank of England Deputy Governor Sir Jon Cunliffe gives a keynote speech at the Innovate Finance Global Summit.

·       Italy Inflation (March), CPI (March)

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Africa

Political/Social Events –

·      Former South African President Jacob Zuma's court hearings regarding corruption charges will resume in Johannesburg, South Africa.

Economic Reports/Events –

·       NSTR 

Tuesday, April 18, 2023: 

Global

·       The UN Security Council is scheduled to hold a briefing on the United Nations Support Mission in Libya (UNSMIL), and Libya sanctions, followed by closed consultations.

Americas

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       US Federal Reserve Board Governor Michelle W. Bowman gives a speech entitled “Considerations for a Central Bank Digital Currency” at the Psaros Center for Financial Markets and Policy Event, Georgetown University McDonough School of Business, Washington, D.C.

·       US Securities and Exchange Commission Chair Gary Gensler will testify in an oversight hearing before the House Financial Services Committee.  This is expected to be a contentious hearing as Gensler will likely get-tough questioning over a variety of his regulatory proposals.

·       Canadian Central Bank Governor Tiff Macklem and Deputy Governor Carolyn Rogers will appear before the House of Commons to discuss the economy, Ottawa, Canada.

·       US New Building Permits (March), Housing Starts (March), Redbook (April 15th)

·       Canada Inflation (March), CPI (March), New Motor Vehicles Sales (February)

Asia

Political/Social Events –

·       Apple will open its first store in India.

·       The Shanghai Auto Show kicks off with more than 1,000 exhibitors.

Economic Reports/Events –

·       China GDP (Q1), Industrial Production (March), Retail Sales (March), Unemployment (March), Auto Production (March), FDI (March)

·       Australia Reserve Bank Minutes

·       Indonesia Central Bank Interest Rate Decision, Deposit Facility Rate (April)

Europe

Political/Social Events –

·       In Russia, Wall Street Journal reporter Evan Gershkovich is set to appeal against his detention on charges of espionage. 

·       In Estonia, NATO holds its “Locked Shields” cyber war game exercise. More than 38 nations will take part in a host of cyber-attacks to improve their response to assaults on critical infrastructure.

·       EU Environmental Ministers hold an informal meeting in Stockholm, Sweden.  They are expected to conduct a study visit, including test driving electric heavy goods vehicles and other electric vehicles.

Economic Reports/Events –

·       Bank of England Executive Director for Financial Stability, Strategy, and Risk Sarah Breeden gives a speech at the Chapter Zero’s 3rd Anniversary Dinner, London, England.

·       Eurozone Balance of Trade (February), ZEW Economic Sentiment Index (April)

·       Germany ZEW Economic Sentiment Index (April), ZEW Current Conditions (April)

·       UK Unemployment (February), Average Earnings (3 month/Yearly – February)

·       Italy Balance of Trade (February)

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Africa

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       South Africa SACCI Business Confidence (February & March)

Wednesday, April 19, 2023:

Global

The UN Security Council is scheduled to hold a briefing in the morning on the Great Lakes region, followed by consultations. In the afternoon, the Council is scheduled to hold consultations on the United Nations Mission for the Referendum in Western Sahara (MINURSO).

Americas

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       US Federal Reserve Board Governor Christopher J. Waller gives a speech at the Global Interdependence Center entitled “Cryptocurrency and the Future of Global Finance,” the University of Florida Sarasota-Manatee, Sarasota, Florida.

·       New York Fed President John Williams will speak at a Money Marketeers of New York University dinner in New York.

·       Acting US Comptroller of the Currency Michael Hsu will l take part in a fireside chat Wednesday at the FDX Global Summit Spring 2023 in Raleigh, North Carolina.

·       US MBA Mortgage Market Index (April 14th), Fed Beige Book

·       Canada Housing Starts (March), Raw Materials Prices (March), PPI (March)

·       Brazil Industrial Production (February)

·       Argentina Leading Indicator (March)

Asia

Political/Social Events –

·       Pakistan's Islamabad High Court will hear former Prime Minister Imran Khan's appeal against the election commission's decision to disqualify him from running in the country's general elections later in 2023.

·       Huawei holds its annual Global Analyst Summit in Shenzhen through Thursday.

Economic Reports/Events –

·       Japan Industrial Production (February), Capacity Utilization (February), Reuters Tankan Index (April)

·       India M3 Money Supply (April 7th)

·       Australia Westpac Leading Index (March)

·       Indonesia Loan Growth (March)

Europe

Political/Social Events –

·       Swedish Minister Pål Jonson receives US Defense Secretary Lloyd Austin for bilateral meetings to discuss Sweden’s accession into NATO in Stockholm.  Austin then will host the Ukraine Defense Contact Group meeting.

·       German Chancellor Olaf Scholz visits Portugal to hold talks with Portuguese PM Antonio Costa.

Economic Reports/Events –

·       ECB Board Member Philip Lane gives a keynote speech at the Enterprise Ireland Summit in Dublin, Ireland.

·       ECB Board Member Isabel Schnabel gives a lecture at Leibniz-Zentrum für Europäische Wirtschaftsforschung in Mannheim Germany.

·       Eurozone New Car Registrations (March), Current Account February), Inflation (March), Construction Output (February), CPI (March), Current Account (January & February)

·       UK Inflation (March), PPI (March), Retail Price Index (March)

·       Italy Current Account (February)

·       Russia PPI (March)

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       Turkey Consumer Confidence (April)

Africa

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       South Africa Inflation (March), Retail Sales (February) 

Thursday, April 20, 2023: 

Global

·       NSTR

Americas

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       US Federal Reserve Board Governor Michelle W. Bowman gives opening remarkets at the Fed Listens event hosted by the Federal Reserve Bank of Dallas, Odessa College, Odessa, Texas.

·       Cleveland Fed President Loretta Mester will speak on the economic and policy outlook Thursday at the Akron Roundtable Signature Series in Akron, Ohio.

·       Atlanta Fed President Raphael Bostic will take part in an armchair discussion on regional and national economic conditions at Eastern Florida State College.

·       US Philadelphia Fed Manufacturing Index (April), Jobless claims (April 15th), Philly Fed Business Conditions (April), Philly Fed Employment (April), Philly Fed CAPEX Index (April), Philly Fed Prices Paid (April), Philly Fed New Orders (April), Existing Home Sales (March), CB Leading Index (March)

·       Argentina Balance of Trade (March)

Asia

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       China Loan Prime Rate 1-Year, Loan Prime Rate 5-Year

·       Japan Imports/Exports/Balance of Trade (March), Tertiary Industry Index (February)

Europe

Political/Social Events –

·       EU President Ursula von der Leyden participates in the Major Economies Forum on Energy and Climate, hosted by President Joe Biden via videoconference.

·       NATO Secretary-General Jens Stoltenberg will meet Czech President Petr Pavel at the alliance’s headquarters in Brussels.

Economic Reports/Events –

·       ECB President Christine Lagarde gives a pre-recorded video message on the occasion of the 55th anniversary of the Central Bank of Malta.

·       ECB Board Member Isabel Schnabel gives a guest lecture at the Stanford University Graduate School of Business, Palo Alto, California.

·       ECB Monetary Policy Meeting Accounts, Consumer Confidence (April)

·       Germany PPI (March)

·       France Business Confidence (April)

·       Spain Balance of Trade (February)

·       Italy Retail Sales (February)

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

Turkey FX Reserves (April), Central Government Debt (March)

Africa

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       South Africa Building Permits (February)

Friday, April 21, 2023:

Global

·       Eid al-Fitr is celebrated by Muslims around the world today.

Americas

Political/Social Events –

·       Brazilian President Lula visits Portugal and Spain through April 26th.

Economic Reports/Events –

·       US Federal Reserve Board Governor Lisa Cook will give a keynote speech at Georgetown University’s Carrol Round Conference.

·       The US Financial Stability Oversight Council will meet.  The preliminary agenda for the public session includes the Council’s proposed analytic framework for financial stability risk identification, assessment, and response and the Council’s proposed guidance on nonbank financial company designations.

·        

·       US S&P Global Manufacturing PMI and Global Services and Composite PMIs (April)

·       Canada Retail Sales (February)

Asia

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       Japan Inflation (March), Jibun Bank Services and Manufacturing and Composite PMIs (April)

·       India Bank Loan Growth (April 7th), FX Reserves (April 14th), Deposit Growth (April 7)

·       South Korea PPI (March)

·       Australia Judo Bank Manufacturing and Services and Composite PMIs (April)

Europe

Political/Social Events –

·       Ukraine's defense donors will meet at the U.S. Ramstein Air Base in Germany.

·       EU President Ursula von der Leyden meets with Moldova’s Prime Minister Dorin Reean in Brussels.  She will then meet with Czech President Petr Pavel.

·       In the UK, Extinction Rebellion, along with several other climate groups, plans to hold a rally that it hopes will bring 100,000 attendees to central London to push for action on climate change.

Economic Reports/Events –

·       ECB Board Member Luis de Guindos gives remarkets at "Catedra de Economía y Sociedad" organized by Fundación La Caixa in Madrid, Spain.

·       ECB Board Member Frank Elderson gives a virtual speech at an event on "Accounting for climate change within central bank and banking supervision mandates" organized by Peterson Institute for International Economics.

·       ECB Board Member Luis de Guindos participates in a virtual event organized by Colegio de Economistas de Madrid on the occasion of the presentation of a special issue of the Economistas magazine. 

·       Eurozone S&P Global Manufacturing PMI and Global Services and Composite PMIs (April), Government Budget to GDP (2022)

·       Germany S&P Global Manufacturing PMI and Global Services and Composite PMIs (April)

·       UK S&P Global/CIPS Manufacturing PMI and Global Services and Composite PMIs (April)

·       Retail Sales (March)

·       France S&P Global Manufacturing PMI and Global Services and Composite PMIs (April)

·       Italy Construction Output (February)

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Africa:

Political/Social Events –

·       Kenya’s opposition parties are expected to resume anti-government protests over expected electrical reforms and cost-of-living adjustments.

Economic Reports/Events –

·       NSTR 

Saturday, April 22, 2023:

Global

·       The 53rd Earth Day is celebrated.

Americas

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Asia

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Europe

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Africa

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Sunday, April 23, 2023:

Global

·       NSTR

Americas

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Asia

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Europe

Political/Social Events –

·       In the UK, all UK phones are scheduled to receive a test emergency alert. The system is planned to be used to issue warnings about life-threatening event such as floods and wildfires.

Economic Reports/Events –

·       NSTR

Middle East

Political/Social Events –

·       NSTR

Economic Reports/Events –

·       NSTR

Africa

Political/Social Events –

·       UK Prime Minister Rishi Sunak will host the UK-Africa Investment Summit in London.

Economic Reports/Events –

Please let us know if you or a colleague would like to be added to our distribution list.